Meat Producer Slumps After Thailand’s Second-Largest IPO in 2022
- Betagro’s first-time share sale raised over $500 million
- Local funds, individuals piled in to snap up the offering
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Shares of Betagro Pcl plunged in their first day of trade in Bangkok, following Thailand’s second-largest initial public offering this year and defying a typical increase for large debuts in the country.
The stock finished 9.4% below the IPO price. They were priced at 40 baht apiece after the meat producer and its major shareholders sold 500 million shares. The IPO raised 20 billion baht ($532 million), including the exercise of a green-shoe option. It’s the third-largest listing in Southeast Asia since the start of 2022.